MIRA
INFORM REPORT
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Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
STONE GALLERY CO., LTD. |
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Registered Office : |
566 Srinakarin Road,
Suanluang, Suanluang,
Bangkok 10250 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
08.01. 2007 |
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Com. Reg. No.: |
0105550002051 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Distributor of Marbles and
Granites |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
STONE GALLERY CO., LTD.
SUMMARY
BUSINESS
ADDRESS : 566
SRINAKARIN ROAD, SUANLUANG,
SUANLUANG, BANGKOK
10250
TELEPHONE : [66] 2720-4732-4
FAX : [66] 2374-4251
E-MAIL
ADDRESS : starmaster@starmarmoth.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED
: 2007
REGISTRATION NO. : 0105550002051
CAPITAL REGISTERED : BHT. 50,000,000
CAPITAL PAID-UP : BHT. 50,000,000
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL
STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MRS. SA-ANG MEESOPARK, THAI
MANAGING DIRECTOR
NO.
OF STAFF : 60
LINES
OF BUSINESS : MARBLES AND GRANITES
MANUFACTURER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT
STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on January 8,
2007 as a
private limited company under the name style
STONE GALLERY CO., LTD.,
by Thai groups, with the business objective to manufacture
and distribute marbles
and granite to
domestic market. It
currently employs 60
staff.
The subject’s registered address is
566 Srinakarin Rd.,
Suanluang, Suangluang, Bangkok
10250, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTOR
Mrs. Sa-ang Meesopark
AUTHORIZED PERSON
The above director
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mrs. Sa-ang Meesopark
is the Managing Director.
She is Thai nationality with
the age of
53 years old.
Ms. Piyachat Eaktajitrakarn is
the Sales & Marketing Manager.
She is Thai nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing and distributing various
styles of marbles
and granites for
construction and decoration
sectors.
PURCHASE
100% of raw
materials, mainly marbles
and granites are
purchased from local
supplier.
SALES
The products are
sold locally by
wholesale to contractors
and end-users.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to
have any subsidiary
nor affiliated company
here in Thailand.
LITIGATION
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the credits term
of 30-60 days.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs approximately 60 staff.
LOCATION DETAILS
The
premise is owned
for administrative office
and showroom at
the heading address.
Premise is located
in commercial/residential area.
Factory
and warehouse are
located at 211/1
Moo 12, T. Moosee,
A. Pakchong,
Nakornratchasima province.
REMARK
CREDIT
OF US$ 500,000 D/A SHOULD
BE IN ORDER.
COMMENT
The
subject was formed in 2007
as a manufacturer and distributor
of marbles and
granites for construction sector. Since its
commencement in 2007, subject
has significantly grown
in line with
continuing of constructions since the previous
years. However, slow
consumption of construction materials including marble
and granite has
seen for several
months causing by
economic uncertainties and
factors like higher
fuel price, political
instability, sluggish of property
business and consumers’
spending limits.
Subject’s
business outlook would
growth at slow
pace this year.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 10,000,000 divided
into 100,000 shares
of Bht. 100 each.
On
February 23, 2007,
capital was increased
to Bht. 50,000,000 divided
into 500,000 shares
of Bht. 100
each with fully
paid.
THE SHAREHOLDERS LISTED WERE
[as at
April 30, 2008]
|
NAME |
HOLDING |
% |
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Mrs. Sa-ang Meesopark Nationality: Thai Address : 117
Samsennok, Huaykwang, Bangkok
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250,000 |
50.00 |
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Mr. Pramote Sritabovornpaibul Nationality: Thai Address : 97/1
Moo 6, Santisuk,
Doilor, Chiangmai |
50,000 |
10.00 |
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Mr. Ek Sritabovornpaibul Nationality: Thai Address : 16/3
Moo 3, Wadsamrong, Nakornchaisri, Nakornpathom |
50,000 |
10.00 |
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Ms.
Siriporn Sritabovornpaibul Nationality: Thai Address : 117
Samsennok, Huaykwang, Bangkok |
50,000 |
10.00 |
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Ms.
Krongkaew Sritabovornpaibul Nationality: Thai Address : 117
Samsennok, Huaykwang, Bangkok |
50,000 |
10.00 |
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Mr. Prasert Sritabovornpaibul Nationality: Thai Address : 117
Samsennok, Huaykwang, Bangkok |
49,990 |
9.99 |
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Ms. Suthera Puangpipat Nationality: Thai Address : 124
Moo 2, Thabyao,
Ladkrabang, Bangkok |
10 |
0.01 |
Total Shareholders : 7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Rungroj Liewchavalit No. 6208
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2007 was:
ASSETS
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Current Assets |
2007 |
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Cash in Hand
& at Bank |
22,899.18 |
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Trade Accts. &
Notes Receivable |
8,885,081.61 |
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Inventories |
27,550,873.76 |
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Other Current Assets
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12,095,298.75 |
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Total Current
Assets |
48,554,153.30 |
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Fixed Assets |
44,868,931.69 |
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Other Assets |
3,044,583.70 |
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Total Assets |
96,467,668.69 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
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Current Liabilities |
2007 |
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Trade Accts. &
Notes Payable |
32,401,767.19 |
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Current Portion of Finance
Lease Contract Liabilities |
760,428.00 |
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Other Current Liabilities |
12,423,374.17 |
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Total Current
Liabilities |
45,585,569.36 |
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Finance Lease Contract
Liabilities - Net
of Current Portion |
336,448.56 |
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Total Liabilities |
45,922,017.92 |
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Shareholders'
Equity |
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Share capital : Baht 100 par value
authorized, issued
and fully paid share
capital 500,000 shares |
50,000,000.00 |
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Capital Paid |
50,000,000.00 |
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Retained Earning -
Unappropriated |
545,650.77 |
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Total Shareholders'
Equity |
50,545,650.77 |
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Total
Liabilities & Shareholders' Equity |
96,467,668.69 |
PROFIT & LOSS ACCOUNT
|
Revenue |
Jan.
8, 2007 -
Dec. 31, 2007 |
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Sales |
91,809,611.06 |
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Other Income |
155,020.20 |
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Total Revenues
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91,964,631.26 |
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Expenses |
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Cost of Goods
Sold |
79,847,429.61 |
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Selling & Administrative Expenses |
11,167,172.91 |
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Total Expenses |
91,014,602.52 |
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Profit / [Loss] before Interest
Expenses & Income Tax |
950,028.74 |
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Interest Expenses |
[58,330.33] |
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Income Tax |
[346,047.64] |
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Net Profit / [Loss] |
545,650.77 |
FINANCIAL ANALYSIS
Profitability
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Profitability |
2007 |
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Cost of Good
Sold |
86.97 |
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Operating Profit Margin |
1.03 |
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S & A
Expenses |
12.16 |
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Interest Paid |
0.06 |
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Other Revenues |
0.17 |
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Net Profit Margin |
0.59 |
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Earning Per Shares |
1.09 |
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No. of Shares |
500,000 |
Compare each cost
with sales, Cost of
Good Sold was
86.97%, Operating Profit
Margin was 1.03%,
S & A
Expenses was 12.16%,
Interest Paid was 0.06%,
Other Revenues was
0.17%, Net Profit
Margin was 0.59%.
Earning Per Shares
was 1.09 baht
per share.
Liquidity
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Liquidity |
2007 |
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Current Ratio |
1.07 |
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Quick-Assets Ratio |
0.20 |
Current Ratio was
1.07, show Current
Assets can cover
Current Liabilities, Liquidity
Ratio of the
company was good,
Quick-Assets Ratio was
0.20, capacity to
pay Short Term
Loan was not
good, because Current
Assets with out
Inventory can not
cover Current Liabilities.
Leverage
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Leverage |
2007 |
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D/E Ratio |
0.91 |
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Times Interest Earned |
16.29 |
D/E Ratio was
0.91, show the
company had fund
from Equity more
than fund from
Loan, investment risked
of the company is low,
Times Interest Earned
was 16.29, capacity
to pay interest paid was
good.
Efficiency
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Efficiency |
2007 |
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Fixed Assets Turnover |
2.05 |
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Total Assets Turnover |
0.95 |
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Return on Assets |
0.57 |
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Return on Equity |
1.08 |
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Day's Payable |
127.05 |
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Day’s Inventories |
108.03 |
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Day’s Receivables |
34.84 |
Fixed Assets Turnover
was 2.05 times,
Total Assets Turnover
was 0.95 times,
show the company
could use Assets
so efficiently, Return
on Assets was
0.57, Return on
Equity was 1.08,
capacity to use
Assets to make
profit was good.
Day's Payable was
128 days, Day’s
Inventories was 109
days, and Day’s
Receivables was 35
days.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.88 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.64.99 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to recommend
credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)